£87 million pound windfall, what should I do with it.

heathcote123

Buy a flameproof suit for the day when it hits the headlines of how little tax you paid on the 87 million.

oldvicar

heathcote123 wrote: »

Buy a flameproof suit for the day when it hits the headlines of how little tax you paid on the 87 million.

I hope its £10M less tax than if you didn't give £10M to charity.

Otherwise save your philanthropy until later and become tax free by giving away al your furure income. What a handy coincidence the chancellor hs just changed budget proposals limiting the amount of relief.

Andystriker

Go into any High Street Bank and ask for their advice.

The_pc_tech

Unless of course the high street banks are now calling you constantly to make you better and better deals or asking you to become a member of their board.

pqrdef

Apply for a current account at First Direct and a cashback credit card at Tesco. You'll probably be accepted now.

gadgetmind

cookie_monster wrote: »

Buy shares in Facebook?

Or wait another couple of weeks and buy the whole thing!

atush wrote: »

Should have made off and become resident in an offshore banking area before you sold lol.

One suspects that the entrepreneur's relief will be being claimed on the first ten million.

http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm

After that, it's 28%, but you can use EIS and VCTs to trim this down.

gadgetmind

Could Martin put nearly all of it into a pension and then claim maximum benefits?

Just askin'.

cepheus

Perhaps he may be interested in this bank which was on the BBC world service this morning. http://www.coutts.com/
I was drowsing and thought they were talking about Cahoot to start with!

From Wiki

Clients

Historically Coutts was a clearing bank to the landed gentry, but today they
are seen as wealth managers sometimes willing to accept a wider class of
clientele, including entrepreneurs, entertainers, sportsmen, businessmen, chief executives and pop singers. There are however stringent requirements to being accepted as a client, not just based on average and total financial assets. Prospective clients need at least £1,000,000 (US$1,300,000) in 'disposable funds', not including houses.

Coutts is known as a bank for the rich and famous of British society and is
highly secretive about its client list.

Then again after their dealings with AIG perhaps not!

bigadaj

Get it paid into a trust and claim income support.

The_Earl_of_Streatham

The wide publicity surrounding your windfall will inevitably result in a problem with begging letters. Don't be discouraged, just keep sending them.